"I thought they should still be able to rotate with the engine cold, no?"A reasonable person would think so. The overall trend on this valve train appears to be to loosen up as the engine warms, generally a good thing. The game here is to keep the overall thrashing (and shock/impact loading, noise, etc.) to a minimum. 2CV says they should spin freely when cold. This is a safe bet, because other issues that come along with tight (not fully closed) valves don't happen. It's hard to burn a valve seat when the exhaust is actually seated.
Loose valve train clearances can hammer thru protective coatings on cam noses & tappet faces (if any...?), as well as not doing the alloy pushrods & adjusters any favors. IF your machine has a LOT of clatter and shock loads to the valve train, the "warm adjustment" strategy comes into play. A warm adjustment likely means that the valves are likely too tight at start up for the first 30 seconds to a minute, but then come into spec hopefully soon enough to not be an issue. In extreme cases too tight valves can adversely affect starting by not sealing as well and lowering compression.
Start with the "Idiot Proof" methodology of a cold adjustment. After the engine is thoroughly warm, recheck the clearances. For YOUR machine with YOUR components, settle on a methodology that works. If a "free spin" pushrod at cold is still OK when warm or hot, you are done. If it is clattery when warm, find a suitable compromise setting.
My red machine beat thru the tapped disc and cam nose coatings most likely because the valves were too loose too long. These components run in oil, so lube wasn't likely a factor. On the other hand, the valve seats are in good shape. The really good news is that it's only about $300 worth of parts to fix the tappets & cams, and you get to visit their friends the valves when you pull the top end off...
It's all a series of reasonable compromises.
These old engines are pretty cool. You can do the normal adjustments whilst on the side of the road anywhere, armed with your fingers, eyes, some tappet wrenches, a plug wrench, a small screwdriver, maybe a bit of cellophane or clean paper to verify contact break and a twig with a pencil mark. Just like the folks that built them rode them every day.
PS - Try using the rear wheel to position the piston at TDC Compression. Machine up on the centerstand, 4th gear, bump the wheel in the normal direction of rotation by hand.